On 12 March 2020, the UK Gambling Commission announced that it will fine online gambling business Betway Limited (“Betway”) £11.6 million for failures in respect of its anti-money laundering On 12 March 2020, the UK Gambling Commission announced that it will fine online gambling business Betway Limited (“Betway”) £11.6 million for failures in respect of its anti-money laundering controls and handling of seven of its “VIP” high-spending customers. UK gambling firms paid a record £19.6m in penalties last year for failing to protect problem gamblers and stop money laundering. On 12 March 2020, the UK Gambling Commission announced that it will fine online gambling business Betway Limited (“Betway”) £11.6 million for failures in respect of its anti-money laundering controls and handling of seven of its “VIP” high-spending customers. Beyond its relevance to the online gambling industry, this case clearly illustrates that all companies subject to the UK Money As the gambling supervisory body we have a duty to ensure adequate controls are in place to prevent casinos in this country being used for money laundering or terrorist funding. Notices and updates Latest anti-money laundering notices and updates from the Gambling Commission and other government agencies. The updated Money Laundering Regulations, which implement the EU 5 th Money Laundering Directive, come into force today, 10 January 2020. The Gambling Commission (the Commission) has now also published the 5 th edition of its guidance for remote and non-remote casinos on the prevention of money laundering and combating the financing of terrorism, which comes into force immediately. The Gambling Commission’s guidance to both casinos and all other gambling sectors and our latest Risk Assessment of Money Laundering and Terrorist Financing in the Great British Gambling Market will assist licensed operators mitigate the emerging risks identified below. Digital ID checks: emerging money laundering and terrorist financing risk UK Gambling Commission releases new anti-money laundering guidance On January 10, 2020, when the European Union 5th Money Laundering Directive came into force, the UK Gambling Commission published the 5th edition of its guidance for casinos on the prevention of money laundering and the combating of terrorism financing. The UK Gambling Commission was set up under the Gambling Act of 2005. It’s incredibly tough for criminals to operate in this space, and money-laundering in the UK gambling industry is getting harder with every day that passes. Regulations enforced by the UKGC do protect players in many ways. The UK Gambling Commission warned five online casinos in 2018 they could lose their licenses. They were not doing enough, the commission said, to stop criminals using their websites to launder...
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